Stocks drop as consumers get nervous, cliff nears

Steinway Musical Instruments has decided against seeking buyers. The Waltham-based company said it concluded its evaluation of strategic alternatives. The review began in July 2011 after it received an unsolicited proposal to buy its band instrument division. It cited its current business strategy, economic and marketplace considerations, and the recommendations of a special committee for its decision. Steinway also decided to end its agreement to sell the band division.